35-Unit San Diego, CA Apartment Portfolio Sold for $8,700,000

Three Property, 35-Unit Apartment Portfolio, North Park and University Heights Neighborhoods
San Diego, CA

Peter Scepanovic

SAN DIEGO, CA  – Colliers International San Diego Region announces the sale of a three property, 35-unit apartment portfolio located in San Diego’s North Park and University Heights neighborhoods for $8,700,000.

Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multi-Family Advisory Group represented the buyer, a San Diego-based private investor. The seller was a San Diego-based private family trust.

The three properties total 24,064 square feet and are located at 4366-72 & 4374-80 Mississippi Street, 3744 Bancroft Street, and 4534-40 30th Street, San Diego, CA.

“This was a generational sale of a family-owned apartment portfolio to an investor who plans to reposition the properties in the market. As demand and property values remain strong for urban apartments, we will continue to see this trend,” said Peter Scepanovic, Senior Vice President and leader of the Multi-Family Advisory Group at Colliers International San Diego Region.

Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide.

Corey McHenry

Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. 

Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. To see the latest news on Colliers International in the San Diego Region, follow @Colliers_SD

 For a complete copy of the company’s news release, please contact:

Kenny Moore  |  Associate

C 760 468 0394 

kenny@hutchenspr.com

 www.HutchensPR.com

IEC Acquires Rare Multifamily Asset in Glendale, CA for $54.2 Million

Towne at Glendale Apartments, 1717 North Verdugo Road, Glendale, CA

Glendale, CA – Institutional fund manager Interstate Equities Corporation (IEC) has acquired a 126-unit multifamily property in Glendale, California for $54.2 million. This is the seventh acquisition to date within the firm’s IEC Institutional Fund III, L.P., a fully discretionary, $200 million commingled fund targeting value-add multifamily investments throughout coastal California.

“It is rare to find an asset of this quality, vintage and size in what we feel is one of the most attractive markets on the west coast,” says Brendan Gibney, an acquisitions professional at IEC.

Adrienne Barr

Towne at Glendale is located at 1717 N. Verdugo Road in Glendale, California.  Adrienne Barr and Shane Shafer at Hendricks Berkadia brokered the transaction. The acquisition loan was arranged by Peter Smyslowski at Holliday Fenoglio Fowler, L.P (HFF) and provided by CIT Bank, N.A.

The apartment community was built in 1965 and renovated in 2007 to condo specifications, featuring high-end finishes, central air conditioning and amenities that are characteristic of institutional-quality assets.  Currently known as Verdugo Village, IEC will rebrand and rename the property Towne at Glendale.

            “The property’s unique configuration of two and three-bedroom units, prime location in a durable submarket made this a strong acquisition that fits squarely into IEC’s investment strategy,” Gibney says.

            Gibney notes that Glendale, one of the tri-city submarkets of Los Angeles County’s San Fernando Valley, is poised for economic growth, boasting strong school districts, top employers, new residential developments and premier retail amenities including the Americana at Brand.

            “As a firm, we have been investing in Glendale for several decades and are selectively looking to expand our presence in this region,” Gibney explains. “This acquisition is well-aligned with our strategy of targeting apartment communities that are located in growing and resilient markets of California.”

Peter Casey, a Director at IEC, adds that the strength of the market and the asset’s long-term growth potential generated strong competition for this acquisition.

Brendan Gibney

“There were many bids for this asset,” says Casey. “As one of the few funds competing for this deal, we were able to differentiate ourselves through our surety of close and access to fully discretionary capital.  

"Based on our proven track record and expertise in the Glendale market, we emerged as the right buyer in this transaction and moved quickly to complete due diligence in 15 days.”

            Casey explains that while IEC’s acquisition pipeline is strong, the company has been a net seller in 2016, selling five units for every one purchased this year.

“While we continue to seek opportunities to expand our multifamily portfolio, we are also being increasingly selective in the investments we pursue,” says Casey, who notes that IEC typically closes on less than two percent of the deals it underwrites.  “As net sellers, we view the increased competition in the current investment market as an advantage that provides us with greater liquidity and a sound exit strategy.  Further, as selective buyers, we are able to better position ourselves to focus on opportunities that fit squarely into the historical acquisition parameters that have created the track record.”

The Towne at Glendale is currently 96 percent occupied, and will undergo a series of capital improvements to enhance and expand its existing amenities.  Planned renovations include a major redevelopment of the main lobby and entrance, the installation of a new fitness center, upgrades to the existing onsite movie theater, as well as the addition of onsite storage for residents.

“Through management improvements and strategic renovations, we plan to increase operational efficiencies and ultimately improve the overall resident experience at the property,” confirms Gibney.

For a complete copy of the company’s news release, please contact:

Katie Kea or Jenn Quader

Brower, Miller & Cole

(949) 955-7940

KKea@browermillercole.com

www.interstateequities.com.

Meridian Capital Group Arranges $27 Million in Permanent Financing for the Residence Inn Secaucus Meadowlands Hotel and $14.5 Million in Permanent Financing for the Courtyard Orlando South Hotel

Beau Williams

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $27 million in financing for the Residence Inn Secaucus Meadowlands hotel in Secaucus, NJ and $14.5 million in financing for the Courtyard Orlando South hotel in Orlando, FL, on behalf of Concord Hospitality.

The five-year, LIBOR-based, floating-rate, non-recourse loans, provided by a balance sheet lender, were negotiated by Meridian hospitality finance specialist, Beau Williams, who is based in the company’s New York City headquarters.

The Residence Inn Secaucus Meadowlands, located at 800 Plaza Drive in Secaucus, NJ, is a newly constructed 154-room hotel, conveniently situated off of U.S. Route 3 and the New Jersey Turnpike, with direct access to The Plaza at Harmon Meadow and a 30-minute drive from New York City.

The property is in close proximity to several large demand generators, such as MetLife Stadium and Newark Liberty International Airport. Hotel amenities include spacious studio, one-, and two-bedroom suites with separate living rooms and bedrooms, fully equipped kitchens, free internet access and a state-of-the-art fitness center. The hotel also offers two event spaces, totaling 828 square feet.

The Courtyard Orlando South, located at 4120 West Taft Vineland Road in Orlando, FL, is in close proximity to several of the region’s most sought-after tourist destinations, including Disney’s Magic Kingdom, Epcot Center, Universal Studios, SeaWorld and the Central Florida Zoo.

For a complete copy of the company’s news release, please contact:

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

The Dow Hotel Company Selected to Operate The Hilton Hotel—Bellevue for New Owner Wig Properties

Murray L. Dow II

SEATTLE, WA —Officials of The Dow Hotel Company (DHC), a leading national hotel owner/investor and operator, announced that it has been selected to operate the 353-room Hilton Hotel – Bellevue hotel following the property’s recent sale to Wig Properties.

“Having operated and been a joint venture partner in the Hilton Bellevue since 2005, we are intimately familiar with the marketplace and the wants and needs of its guests,” said Murray L. Dow II, DHC founder and president.  “DHC recently oversaw the hotel’s all-inclusive, $10 million renovation to bring the hotel to ‘like-new’ status making it competitive with the marketplace.”

Located across the street from the future East Main light rail station and just 15 minutes from Seattle, the Hilton Hotel—Bellevue is situated in the city’s business district, near such business destinations as Meydenbauer Convention Center, Microsoft Campus and T-Mobile headquarters, as well as leisure destinations like the Shops at the Bravern, Bellevue Arts Museum and numerous Washington wineries.

  The hotel provides 60,000 square feet of state-of-the-art meeting space, the second largest hotel offering in Bellevue, capable of accommodating up to 1,000 people. Guests can enjoy Mediterranean cuisine with a Pacific Northwest flair at Basil's Bistro or craft cocktails and local microbrews on tap at Basil’s Bar, providing entertainment on a large flat screen.  For lighter fare, the hotel also provides The Coffee Bar Café, where guests can sip Starbucks® at their leisure. 

For a complete copy of the company’s news release, please contact:

Chris Daly

Phone: (703) 435-6293

chris@dalygray.com

www.dowhotelco.com.

www.wigproperties.com.

CBRE Issues U.S. Lodging Forecast at Historic Hotels of America Annual Conference

Mark Woodworth

Washington, DC –- The outlook for the U.S. lodging industry, particularly historic hotels, continues to be extremely strong, according to CBRE Hotels’ Americas Research (CBRE).

For the third consecutive year, CBRE Hotels’ Americas Research presented a Historic Hotels of America – CBRE five-year forecast at the Historic Hotels of America annual conference.

CBRE relies on historical hotel performance data from STR, and economic forecasts from CBRE Econometric Advisors, to prepare its lodging forecasts.

Key points presented by Mark Woodworth, Senior Managing Director at CBRE, to more than 200 owners, asset managers, general managers, and sales and marketing leaders at the Historic Hotels of America annual conference at The Royal Hawaiian, A Luxury Collection Resort (1927) in early November, 2016 include:

 Per STR, through the first three quarters of 2016, the aggregate RevPAR for historic hotels that are members of Historic Hotels of America placed between the national averages for all upper-upscale and all luxury hotels in the U.S.

 Over the next five years, RevPAR for historic hotels is expected to grow at a compound average annual rate of 2.7 percent, which is greater than the RevPAR forecasts for the nation’s upper upscale hotels at 2.0 percent and 1.7 percent for luxury hotels. Most of the RevPAR growth is expected to stem from increases in ADR.

 Annual occupancy levels for hotels that are members of Historic Hotels of America remains 8 to 10 percentage points above the national average occupancy level through 2020.

 Based on a set of information pulled from CBRE’s database of hotel operating statements, historic hotels (including those that are not members of Historic Hotels of America) had an average ADR of $256.11, higher by more than 11.6 percent than the $229.59 ADR for contemporary hotels.

For a complete copy of the company’s news release, please contact:

Heather Taylor

Historic Hotels of America

Manager, Marketing Communications

Tel: +1 202 772 8333 Fax: +1 202 772 8338

htaylor@historichotels.org

NAI Realvest negotiates $1.3 Million Sale of Industrial Property in South Orlando. FL

 

Patty Nolff

 ORLANDO, FL -- NAI Realvest recently negotiated a $1,300,000 sale of the 15,590 square foot industrial building on a 4.8-acre site at 100 Thorpe Rd. in south Orlando. 

Michael Heidrich, principal at NAI Realvest and associate Patty Nolff, negotiated the transaction representing the seller, Akron, Ohio-based Quikey Manufacturing Co., Inc. 

The local buyer is S.A. LTG LLC was represented by Elliot Vazquez of Florida Living Real Estate.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com